Aug 3, 2018

The Tennessee primary: Live results

Tennessee voters are selecting nominees for at least 128 state and federal seats tonight, but there are to two races most worthy of your time — the gubernatorial and the U.S. Senate:

Data: Associated Press; Chart: Axios Visuals

What to watch: Two Republican incumbents — Reps. Diane Black and Marsha Blackburn — are running for higher office (governor and Senate).

Why it matters: Only five of the last nine GOP incumbents to run for another office have won their primaries — three were endorsed by President Trump.

  • If history repeats itself, that means Blackburn should win tonight and Black will not as she didn't receive the coveted presidential tweet-endorsement.
  • One more thing: There are five incumbents (4 GOP and 1 Dem) running for re-election who are facing multiple primary challengers. Watch for any upsets in those congressional races in the 1st, 3rd, 4th, 8th and 9th districts.

Go deeper

Private equity returns fell behind stocks over the past decade

Illustration: Aïda Amer/Axios

U.S. private equity returns fell just below S&P 500 returns for the 10-year period ending last June, according to a report released Monday morning by Bain & Company.

Why it matters: Private equity markets itself as beating public markets over long-term time horizons, and usually providing an illiquidity premium to boot. These new performance figures not only dent such claims, but provide fresh ammunition to critics of public pension investment in private equity funds.

Supreme Court to hear Philadelphia case over same-sex foster parents

Photo: Daniel Slim/AFP via Getty Images

The Supreme Court agreed Monday to hear a high-profile case that could reshape the bounds of First Amendment protections for religion.

Why it matters: The direct question in this case is whether Philadelphia had the right to cancel a contract with an adoption agency that refused to place foster children with same-sex couples. It also poses bigger questions that could lead the court to overturn a key precedent and carve out new protections for religious organizations.